Raymond Brothers confirmed to the Associated Press in a text message a Yahoo Sports report that Randolph is exercising his $16.5-million option for the 2014-15 season and has agreed on a two-year extension worth $20 million.

Since coming to Memphis in 2009, Randolph has been a cornerstone of the Grizzlies franchise. His return indicates the Grizzlies will bring back the nucleus of a team that won 50 games this season and lost to the Oklahoma City Thunder in the first round of the Western Conference playoffs.